Statoil makes new oil find of 18 MMbbl - 33 MMbbl in The North Sea


Statoil makes new oil find of 18 MMbbl - 33 MMbbl in The North Sea


STAVANGER -- Statoil said that together with partners it has made a new oil discovery in the vicinity of the Grane field in the North Sea.

The estimated volume of the discovery is in the range of 18 MMbbl to 33 MMbbl of recoverable oil.

Tore Loseth, VP for exploration in the North Sea says, "The oil discovery is located directly north of the Grane field and can be developed effectively."

Timely near field exploration is an important element in Statoil's sharpened exploration strategy for the Norwegian continental shelf (NCS). This implies exploration close to existing installations that in the near future will have spare capacity for new tie-ins.

Even though volumes in these discoveries are moderate compared with last years' big finds, these are fast, high value barrels that are important for extending the production life of existing installations.

In 2013, about 40% of Statoil's exploration wells on the NCS will be near field exploration.

Statoil is operator with an interest of 36.66%. The partners are Petoro AS (28.94%), ExxonMobil (28.22%) and ConocoPhillips (6.17%).

Dow Jones Newswires

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